Phaos Technology is a Singapore-based developer and seller of advanced optical microscopes and complementary software. Phaos's core product uses patented microsphere technology to achieve magnification up to 4x beyond traditional optical microscopes, enabling users to image objects below 200nm — below the conventional optical diffraction limit. Phaos argues this is the only commercially available optical microscope capable of sub-200nm imaging at a practical working distance. Key applications include semiconductor inspection (metrology) and medical diagnostics (pathology). Alongside the hardware, Phaos sells AI-powered software for image analysis, offering a full hardware-software solution. Phaos sells directly to customers in Singapore, where all revenue is currently generated. The customer base is highly concentrated, with the top five customers accounting for 85% of revenue in FY25. The business is pre-scale and deeply unprofitable, with revenue of approximately S$168K in FY25 and an operating loss of S$5.3M. The cost structure is dominated by employee costs tied to R&D investment, which far exceed current revenue. Auditors have flagged going concern doubt, and Phaos is relying on shareholder loans from its major shareholder, Tonghuai SG Enterprise, to fund operations. Phaos is completing an IPO on NYSE American, with its Form F-1 declared effective in July 2025, targeting approximately $12.2M in gross proceeds to fund operations and growth.